Massey Knakal Sells Retail Strip And Commercial Building In Bayside
Massey Knakal has sold a retail strip and a commercial building, in the Bayside neighborhood of Queens, for an aggregate value of $7,615,000.
43-19-23 Bell Boulevard, located just off of Northern Boulevard, is a block-through retail strip with second floor office space. It contains approximately 13,000 square feet and features 75 feet of frontage with full visibility from Northern Boulevard. The property also holds additional development potential of 22,000 total buildable square feet. It was sold in an all-cash transaction valued at $5,550,000, with the sale price equating to approximately $252 per buildable square foot.
39-26 Bell Boulevard, located between 39th and 41st Avenues, is a net-leased two-story commercial building that contains approximately 2,800 square feet on an 18’ x 82’ lot. It consists of two units fully-leased by long-standing tenants. The property is ideally located one block from the Bayside LIRR station. It was sold in an all-cash transaction valued at $2,065,000, with the sale price equating to approximately $738 per square foot.
Both properties are situated on Bell Boulevard, one of the busiest and most desirable retail corridors in Queens, full of restaurants, bars, shops, and other neighborhood amenities. It also offers convenient access to major roadways including Northern Boulevard, Clearview Expressway, and Cross Island Parkway.\
“Both of these sales were record-pricing for their specific asset types signifying the continued interest and premium paid for high-quality properties,” said Massey Knakal’s Stephen R. Preuss, who exclusively handled these transactions.